Another settlement has been reached in a case alleging LIBOR manipulation. According to documents submitted at the New York Southern District Court and seen by FX News Group, the lender plaintiffs in the lawsuit and two of the defendants have reached a settlement that adds to the over $31 million recovered through previous settlements.

The Lender Plaintiffs are The Berkshire Bank and The Government Development Bank of Puerto Rico. They are asking the Court for preliminary approval of the Settlements between the Lender Plaintiffs, on behalf of themselves and the proposed Lender Class, and Credit Suisse Group AG , and MUFG Bank, Ltd. f/k/a The Bank of Tokyo-Mitsubishi UFJ, Ltd. (MUFG).

Let’s recall that this case has a history of approximately nine years. On November 21, 2012, The Berkshire Bank and Government Development Bank of Puerto Rico (GDB) filed a joint amended class action complaint asserting common law fraud.

In relevant part, this complaint alleged that [Lender] Plaintiffs and the Class suffered damages as a result of Defendants’ fraudulent conduct in artificially decreasing the USD LIBOR rate during the Class Period, causing them to receive lower interest than they would have been entitled to but for Defendants’ fraud.

According to the complaint, despite knowing that manipulating USD LIBOR could profoundly impact vast quantities of financial transactions, the Contributor Panel bank Defendants repeatedly made intentionally false representations about their borrowing costs to the BBA, which the BBA then published, resulting in the artificial suppression of USD LIBOR rates during the Class Period, and causing significant damages to Plaintiffs and the Class.

The settlement class is defined as:

All lending institutions headquartered in the United States, including its fifty (50) states and United States territories, that originated loans, held loans, held interests in loans, owned loans, owned interests in loans, purchased loans, purchased interests in loans, sold loans, or sold interests in loans with interest rates based upon U.S. Dollar LIBOR, which rates adjusted at any time between August 1, 2007 and May 31, 2010 (the “Class Period”).

Lender Plaintiffs’ settlements with Credit Suisse and MUFG are the product of arm’s-length negotiations by counsel highly experienced in complex litigation after years of hard-fought litigation.

The cash portion of the Settlements consist of: (i) $380,000 to be paid by Credit Suisse, and (ii) $380,000 to be paid by MUFG, for a total of $760,000. If the Settlements are approved, this aggregate Settlement Fund, minus fees and expenses awarded by the Court, will be available to be distributed to eligible members of the Lender Class.

In addition, the Settlements obligate Credit Suisse and MUFG to provide cooperation by way of document production.

The Settlements return substantial cash payments and non-cash benefits that improve the return to Lender Class Members in addition to the $31,425,000 recovered through previous settlements.